Social media platform X, formerly known as Twitter, has removed features supporting non-fungible tokens (NFTs). This move aligns with the new vision the company’s owner, Elon Musk, set forth for 2024. The announcement departs from the platform’s earlier integration of NFTs, reflecting a broader trend among social media giants reevaluating their stance on digital collectibles.

X’s NFT Feature: A Brief History

Introduced in January 2022, when the platform was still under its previous management and known as Twitter, the NFT feature allowed Twitter Blue subscribers to set NFTs as their profile pictures. These NFT-based avatars were displayed in a unique hexagonal shape, distinguishing them from regular images. The feature supported digital collectibles minted under the ERC-721 and ERC-1155 token standards on Ethereum’s blockchain. It also offered users additional information about the NFTs, such as the contract address and the collection to which they belonged.

However, Elon Musk, who acquired the company for $44 billion in October of the same year, was critical of this feature. Musk emphasized prioritizing addressing the platform’s bot issues over integrating NFTs. Despite his criticism, the issue of bots persists under his leadership.

The removal of NFT features marks a significant shift in X’s strategy. This decision aligns with Musk’s vision for the platform and reflects his previously stated views on using engineering resources. Users who previously used NFTs for their profile pictures will be affected, although it remains unclear if X will completely disable these NFT-based avatars. The change also signifies a cooling-off in expectations for potential NFT trading features on X, which had been hinted at by developers following Musk’s takeover.

This move by X mirrors actions taken by other social media platforms. Both Facebook and Instagram, operating under their parent company Meta, had integrated NFT features around the same time as X. However, in March 2023, Meta also rolled back its support for NFTs. These changes across multiple platforms suggest a reevaluation of the role and value of NFTs in the social media landscape.

Broader Implications for the Social Media Industry

X’s decision to phase out NFT features could indicate a larger trend in the social media industry. As platforms reassess their priorities and resource allocation, integrating emerging technologies like NFTs may take a backseat to more pressing issues such as user experience improvements and platform stability. This reevaluation could also be influenced by the fluctuating market interest and regulatory environment surrounding digital assets.

Furthermore, the move reflects a growing understanding among tech companies that user experience and core functionality are paramount. In the case of X, focusing on the persistent issue of bots and enhancing the overall user experience takes precedence over exploring novel features like NFTs.

Read Also: CBOE Approves Multiple Spot Bitcoin ETFs for Trading

The post Elon Musk’s X Drops NFT Features in New Platform Vision appeared first on CoinGape.

---

Filed under: News - @ January 1, 1970 12:00 am